FG Slashes 2020 Federation Account Allocation By N2tn To N9.7tn

The allocation from the federation account to the three tiers of government would witness a massive decline of N2.01tn going by the projections of the Federal Government. The amount is contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2020 to 2020. Click here for more.

FG seeks increased forex earnings through commodities exchange

The Federal Government has identified the need to increase foreign exchange earnings and government revenue through the development of a vibrant commodities exchange trading ecosystem. The Vice President, Prof. Yemi Osinbajo, while speaking at a roundtable conference on Nigerian Commodities Trading Ecosystem in Lagos on Thursday. Click here for more.

Buhari Nominates Adesina for Re-election as AfDB President

President Muhammadu Buhari has nominated the President of the African Development Bank Group (AfDB),Dr. Akinwumi Adesina, for re-election for another term of five years. Click here for more.

Osinbajo Advocates State Police, Devolution Of Powers

Nigeria can become a stronger and more prosperous nation if states have more powers, according to Vice President Yemi Osinbajo. Mr Osinbajo stated this while speaking at the 59th Independence Anniversary Lecture at the Island Club, Lagos, on Friday. Click here for more.

Investors Lose N334.71bn WoW As NSEASI Dips By -2.48% To Close The Week Negative

Equities market closed Friday on a negative note, as NSEASI depreciated by -0.36% to close at 26,987.45 points as against -0.84% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.14%. Click here for more.

Foreign Investment Inflows Fall By N28.57bn

Nigeria’s foreign investment inflow was N28.57bn lower that the foreign investment outflows as of the end of the first half of 2019.The Central Bank of Nigeria disclosed in its half- year report on market turnover that this was attributable to the uncertainties that surrounded the last elections in the country. Click here for more.

Nollywood Industry Generates About $1b Yearly, Says Afreximbank

Nigeria’s film industry, popularly called Nollywood, generates between $500 million and $1 billion yearly in revenue. It also employs about 300, 000 people and more than one million people indirectly. Click here for more.

Nigeria sustains ‘hunt without barriers’ in new tax drive

The Federal Government’s aggressive pursuit of increased non-oil revenue to pare huge budget deficit, which has remained a yearly routine over the years, gained further traction last week, with plans by the lawmakers to enact Communication Service Tax (CST). Click here for more.

CBN advises firms on big data use

Deputy Governor of the Central Bank of Nigeria in charge of Operations, Mr Ade Shonubi, has advised business organisations in the country to leverage the power of big data and Internet of things, to survive the competition in the present and future business environment driven by digital technology. Click here for more.

OPEC Is Prepared to Make Deeper Cuts If Needed, Nigeria Says

Nigeria and other members of OPEC are ready to cut crude supplies further if prices continue to tumble, according to the country’s oil minister. “Everybody agrees in OPEC that we need to stabilize the market. We cannot allow prices just to plummet,” Nigerian Minister of State for Petroleum Resources Timipre Sylva said in a Bloomberg TV interview Friday. Click here for more.

Mining: Nigeria Understudies South Africa to Avoid Pitfalls

The federal government yesterday said it’s currently understudying its South Africa counterpart in the areas of environmental degradation and how mining could be properly done without destroying the environment. Click here for more.

Foreigners Dump South Africa Stocks at Fastest Pace in Two Years

Foreigners offloaded South African stocks at the fastest pace in two years last week, as worries about the state of the global economy helped spur an exit from riskier assets. Offshore investors were net sellers of 10.7 billion rand ($711 million) of the country’s equities in the five days ending Oct. 4. Click here for more.